Share of different segments in the overall construction industry in the UK 1997-2022
Construction GVA increasing
An increased output also translated into a growing contribution to the gross domestic product (GDP). In the second quarter of 2022, the construction industry had a gross value added of nearly 37 billion British pounds. That value reached a low point during the start of the COVID-19 pandemic. In comparison, the overall GDP of the United Kingdom was valued at over two trillion British pounds.
Private housing to continue growth
The private housing sector was forecast to see further growth in 2022 and 2023. In the coming years, that segment of the industry was expected to grow between three and five percent annually. The average price of houses in the UK has also been increasing significantly.